This is a way of dealing with your debts if you need to protect property being it a home or a car or other expensive items that might be treated differently if you were to go for bankruptcy. You will need to seek advice from an insolvency practitioner who will handle your case during the period of the IVA. They will be able to find the best option for you and make all the necessary arrangements. You will then make one monthly payment to them rather than direct to your creditors.
There are many different kinds of IVAs so it is difficult to give all the different types and the implications but basically these are the steps to take: